Japan's NTT DoCoMo Updates the 'Pay Phone'

NTT DoCoMo is Japan's largest cell phone operator and the new mobile phone cash transfer service set to begin August 21 should help cement their lock on the number 1 position.

Subscribers to the company's i-mode mobile Internet service on the FOMA 3G network can send or receive up to 20,000 yen (about $205) anytime and anywhere, and all they have to do is key in the mobile phone number of the person to be paid. The service will be accessible only between two DoCoMo subscribers and the monthly transfer limit is 200,000 yen or $2,050 per month.

If you're the recipient and a money transfer has been sent to you, you'll get a notification on your phone asking if you'd like the money deposited in your bank account or credited to your DoCoMo outstanding balance. That's all there is to it - no need to open a new bank account or even register for the service!

This convenient new system is sure to be adopted by other mobile phone providers in Japan, and then in other nations once their infrastructure catches up to the advanced Japanese standard.

Then we can all enjoy the pleasure of reaching out and touching someone... while tucking a few bucks into their pocket. (via Far East Gizmos)